Millions of older adults rely on Social Security benefits to fund senior care communities and services. Seniors who wish to age in place and seek in-home support can use Social Security to help pay for home care and home health services. However, Social Security likely won’t be enough to cover the full cost of an in-home caregiver. To understand how your loved one can use these benefits to pay for in-home support, let’s explore the different types of Social Security benefits, costs of care, and more.
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Trying to navigate the ins and outs of Social Security benefits can be a complex process, especially when you’re also working to organize in-home care for an aging loved one. It’s important to be aware that Social Security is not a form of insurance, but it can help people cover the costs of medical and nonmedical services.
To understand how Social Security payments can help offset the costs of senior care, the first step is to differentiate between the types of benefits offered by the Social Security Administration (SSA).
Social Security benefits are financed by employer and employee contributions throughout the course of a person’s career. The average monthly Social Security benefit is currently $1,691.[01]
Under the SSA, there are specific programs tailored to help seniors with disabilities and chronic illnesses.
Supplemental Security Income (SSI) benefits were created for low-income seniors and disabled adults. There are certain requirements one must meet to be eligible for SSI benefits. Qualified beneficiaries must:
The average monthly SSI payment for adults 65 and over is $553.94.[01]
Social Security Disability Insurance (SSDI) is for adults who aren’t yet qualified to receive retirement benefits, and it’s based on work history eligibility requirements. Adults must have a qualifying work disability to be eligible for SSDI, meaning they cannot return to work or adjust to new work due to their condition. Only individuals with long-term or permanent disabilities are eligible for SSDI benefits.
The SSA has a strict set of covered disabilities, including but not limited to:
The average monthly SSDI benefit is $1,688.[02]
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